Caesarea Apartment With Pools, Squash Court Sells for $1.885 Million

A two-room, 45-square-meter apartment in the Neot Golf project in Caesarea was sold for 1.885 million shekels (approximately $500,000 USD). The complex, built in the 1990s, features two indoor swimming pools, a gym, lawns, a squash court, and mini-golf, and is described as a secure, gated community.

Originally intended as "holiday apartments, not for permanent residence," the project comprises 500 units built in two phases. Most apartments are small, between 45-50 square meters, with some larger 90-square-meter four-room units, including duplexes. Prices for four-room apartments can exceed 3 million shekels, while standard units typically sell for up to 2 million shekels.

Rental income for standard apartments ranges from 5,000 to 7,000 shekels per month, not including management fees of 1,500-2,000 shekels. This yields a gross annual return of 3.5%-4%, considered high in the current market. The original zoning restrictions have largely been disregarded, with around 40 transactions recorded since the start of 2024, indicating a lively real estate market.

Realtor Ayelet Weiss Kalmanovitch of Montefiore Agency stated that many residents live there permanently and long-term rentals are common, contradicting the "holiday apartment" designation. She noted the project's popularity stems from its attractive returns for investors and its unique offering of smaller apartments within a secure community in Caesarea. She described the sale price as a market rate, with similar properties currently listed for 2 million shekels and garden apartments/cottages approaching 4 million shekels.